EPL clubs beat credit crunch with a record 178mn pounds spending spree

February 5th, 2009 - 3:02 pm ICT by ANI  

London, Feb 5 (ANI): English Premier League football clubs have beaten the credit crunch with a record 178million pounds spending spree.

They splashed the cash like never before to get the worlds most sought-after players in the January transfer window, the Daily Star reported.

And football finance chiefs believe they have proved themselves recession resistant by breaking cash records to sign top stars like Robbie Keane, 28, Andrei Arshavin, 27 and Wayne Bridge, 28.

Experts at sports money firm Deloitte said the Prem spent 10 million pounds more this winter on player transfers than 2008 despite the credit crunch hitting profits.

That is more than transfers made between all clubs in Italy, France, Germany and Spain.

Mega-rich Manchester City spent 47 million pounds on deals such as the 12 million pounds signing of Craig Bellamy from West Ham, 12 million pounds for Bridge and 15 million pounds for Hamburgs Nigel de Jong.

Big-spending Tottenham Hotspur were top with their buy-back of heroes Jermain Defoe, Pascal Chimbonda and Keane, the Daily Star reported.

Dan Jones, of the Sports Business Group at Deloitte, said: The transfer of players proven on the English stage generates money flow between clubs and the arrival of more star names from overseas emphasises the appeal of the Premier League.

Paul Rawnsley, head of the group, added: With the majority of their revenue secured for the season, while clubs are not recession-proof, they are relatively recession resistant. (ANI)

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